Cryptocurrencies have been sold as financial freedom for many years.
Without banks.
Without control.
Without taxes.
It sounded beautiful.
But reality, as always, turned out to be a bit more prosaic.
Turkey's ruling party has submitted a bill to parliament introducing a 10% tax on profits from cryptocurrency operations.
And yes, it will not be traders paying it directly.
This will be done by crypto platforms that will automatically withhold tax from clients' profits.
Once a quarter.
Actually, the model is very familiar.
Something similar has long been working in traditional financial markets.
But there is a nuance.
In addition to income tax, the state wants another 0.03% from each transaction conducted by crypto services.
From each transaction.
Even if the trader has not earned anything.
And this is where the most interesting part begins.
A few years ago, governments spoke about cryptocurrencies approximately like this:
This is a risky experiment.
This could threaten the financial system.
This needs to be limited.
Today the rhetoric has changed.
Now crypto is a source of tax revenues.
Moreover, very convenient.
Because crypto exchanges can be forced to act as tax agents.
And, to be honest, this is just the beginning.
When states smell new taxes, they usually stop very reluctantly.
And here an interesting question arises.
What do you think will happen first:
States will learn to effectively tax crypto
or the crypto industry will find new ways to circumvent these rules?
It will be interesting to watch.
Because the history of finance shows one simple thing.
Money always seeks freedom.
And states seek new taxes.
And these two forces will continue to move towards each other for a long time.
And do you know what looks the most ironic in this story?
The crypto industry was created as an alternative to banks.
Without permissions.
Without intermediaries.
Without the state.
And now look closely.
KYC.
Regulation.
Taxes.
Financial monitoring.
Sometimes it seems that crypto (especially $BTC and $ETH ) is slowly turning into a new version of the banking system.
Just with a prettier interface and faster transactions.
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